Mark Karpelesposted this on Jun-20 04:07The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST).

Service should be back by June 20th 10:00am (JST, 01:00am GMT) with all the trades reversed and accounts available.

One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale, and ensure this account is secure before opening access again.

It's complete bullshit about only 1 account getting hacked. There is no way someone kept 100k+ bitcoins on mtgox in 1 account. All the account information was already published, i bet the hacker went into all the accounts with the weak passwords and sold the bitcoins from each of them. Whatever mtgox is feeding you guys are crap, so glad i never signed up with that shitty website.

What happens to the thousands of bitcoins the hacker withdrew from Mt. Gox? Mt. Gox can't print Bitcoins like the Fed prints dollars -- BTC are hard as heck to produce.

.... wow.

He didnt withdraw them. He tried to withdraw money, but mtgox has a hard cap of $1000 dollars.MtGox got closed soon after.

The hacker had access to everyone's passwords. The hacker crashed the market to $0.01/BTC. Mt Gox allows withdrawls of up to $1k or equivalent in BTC. Someone moved 500k BTC soon after crashing the market. Put all those together.